Portugal: GDP contracts in the second quarter
According to a preliminary estimate, GDP shrank 0.2% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, contrasting the 2.5% increase recorded in the first quarter.
Although a full breakdown is not yet available, the flash estimate reported that the downturn was due to a detraction from domestic demand. In contrast, the contribution from external demand was positive.
On an annual basis, economic growth lost steam, falling to 6.9% in Q2 following the previous quarter’s 11.8% expansion.